U.K. industrial order expectations improved unexpectedly in December, fuelling optimism over the country’s economic outlook, industry data showed on Tuesday.
In a report, the Confederation of British Industry said its index of industrial order expectations rose to a reading of 12.0 this month from November’s reading of 11.0. Analysts had expected the index to hold steady at 11.0 in December.
On the index, a reading above 0.0 indicates increasing order volume is expected, below indicates expectations are for lower volume.
Stephen Gifford, CBI Director of Economics, said, “The manufacturing sector is showing further signs of momentum with nearly all sectors reporting growth for a second month.”
“While risks remain in the euro zone and beyond, this survey provides further evidence that the recovery is becoming more embedded,” he added.
Following the release of that data, the pound was little changed against the U.S. dollar, with GBP/USD inching up 0.01% to trade at 1.6301.
Meanwhile, European stock markets were lower. London’s FTSE 100 fell 0.35%, the EURO STOXX 50 declined 0.45%, France’s CAC 40 dropped 0.8%, while Germany''s DAX shed 0.3%.
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